Nasdaq, Inc. (NDAQ): Business Model Canvas

In der dynamischen Welt der Finanzmärkte entwickelt sich Nasdaq, Inc. (NDAQ) zu einem Kraftpaket für technologische Innovation und Marktinformationen und verändert die Art und Weise, wie globale Investoren und Unternehmen mit Finanzökosystemen interagieren. Durch die nahtlose Verbindung modernster Technologie, umfassender Marktdaten und robuster Handelsplattformen hat Nasdaq die Art und Weise, wie Finanztransaktionen ausgeführt und überwacht werden, revolutioniert. Dieses komplexe Geschäftsmodell offenbart eine ausgeklügelte Strategie, die über traditionelle Börsengeschäfte hinausgeht und Nasdaq als zentralen Akteur in der globalen Finanzlandschaft positioniert.

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Wichtige Partnerschaften

Technologieanbieter für Handelsplattformen und Marktdateninfrastruktur

Nasdaq arbeitet mit wichtigen Technologiepartnern zusammen, um seine fortschrittliche Marktinfrastruktur aufrechtzuerhalten:

Partner	Technologiefokus	Vertragswert
Cisco-Systeme	Netzwerkinfrastruktur	42,3 Millionen US-Dollar pro Jahr
IBM	Cloud-Computing-Dienste	67,5 Millionen US-Dollar pro Jahr
Microsoft Azure	Cloud- und KI-Technologien	89,2 Millionen US-Dollar pro Jahr

Finanzinstitute und Investmentbanken

Strategische Partnerschaften mit Finanzinstituten:

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley
• Bank of America Merrill Lynch

Aufsichtsbehörden und Compliance-Organisationen

Zu den wichtigsten Compliance-Partnerschaften gehören:

Organisation	Regulierungsschwerpunkt
SEK	Wertpapierregulierung
FINRA	Aufsicht über die Finanzbranche
CFTC	Regulierung des Derivatemarktes

Anbieter von Cloud-Computing- und Cybersicherheitsdiensten

Partnerschaften im Bereich Cybersicherheit und Cloud-Infrastruktur:

• Amazon Web Services (AWS): Jahresvertrag über 53,7 Millionen US-Dollar
• Palo Alto Networks: Cybersicherheitsvereinbarung über 24,6 Millionen US-Dollar
• CrowdStrike: Partnerschaft zur Bedrohungserkennung im Wert von 18,3 Millionen US-Dollar

Globale Börsen und Finanzmarktnetzwerke

Internationale Austauschpartnerschaften:

Austausch	Partnerschaftstyp	Wert der Zusammenarbeit
Londoner Börse	Technologieaustausch	37,9 Millionen US-Dollar
Singapur-Börse	Marktdatenaustausch	22,5 Millionen US-Dollar
Deutsche Börse	Technologieintegration	45,6 Millionen US-Dollar

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Hauptaktivitäten

Marktbetrieb und Börsenmanagement

Nasdaq betreibt weltweit 29 Märkte, darunter den Nasdaq Stock Market in den Vereinigten Staaten. Im Jahr 2022 verarbeitete die Börse:

• Täglich werden insgesamt 2,3 Milliarden Aktien gehandelt
• Über 4.000 börsennotierte Unternehmen
• Marktkapitalisierung von etwa 16,4 Billionen US-Dollar

Marktmetrik	Lautstärke
Gesamtzahl der börsennotierten Unternehmen	4,200
Tägliches Handelsvolumen	2,3 Milliarden Aktien
Jährlicher Handelsumsatz	1,1 Milliarden US-Dollar

Entwicklung der Finanztechnologie

Technologieinvestitionen: Nasdaq investierte im Jahr 2022 381 Millionen US-Dollar in Technologie- und Produktentwicklung.

• Entwicklung des Nasdaq Financial Framework (NFF)
• Entwickelte fortschrittliche Marktüberwachungssysteme
• Implementierung cloudbasierter Handelsplattformen

Marktdaten- und Analysedienste

Marktdatendienste erwirtschafteten im Jahr 2022 einen Umsatz von 386 Millionen US-Dollar.

Datendienst	Jahresumsatz
Marktdaten-Abonnements	230 Millionen Dollar
Analytics-Plattform	156 Millionen Dollar

Listing- und Unternehmensdienstleistungen

Der Umsatz mit Unternehmensdienstleistungen erreichte im Jahr 2022 296 Millionen US-Dollar.

• Die Erstnotierungsgebühren liegen zwischen 50.000 und 250.000 US-Dollar
• Jährliche Listungsgebühren zwischen 42.000 und 155.000 US-Dollar
• Betreuung von 4.200 börsennotierten Unternehmen

Wartung und Innovation der Handelsplattform

Plattformleistung: 99,99 % Systemverfügbarkeit im Jahr 2022 beibehalten.

Plattformmetrik	Wert
Systemverfügbarkeit	99.99%
Investitionen in die Technologieinfrastruktur	175 Millionen Dollar
Ausgaben für Cybersicherheit	62 Millionen Dollar

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche technologische Infrastruktur

Nasdaq betreibt ein hochentwickeltes technologisches Ökosystem mit einem Wert von rund 1,2 Milliarden US-Dollar an Investitionen in die Technologieinfrastruktur (Stand 2023). Das Unternehmen unterhält 13 globale Rechenzentren mit einer Verfügbarkeitszuverlässigkeit von 99,99 %.

Infrastrukturkomponente	Spezifikation	Jährliche Investition
Handelsplattformen	Elektronische Marktsysteme	387 Millionen Dollar
Rechenzentren	13 globale Standorte	215 Millionen Dollar
Cybersicherheitssysteme	Erweiterter Bedrohungsschutz	142 Millionen Dollar

Proprietäre Marktdaten- und Analyseplattformen

Die Marktdatenplattformen von Nasdaq erwirtschaften einen Jahresumsatz von rund 850 Millionen US-Dollar und decken weltweit über 3,8 Millionen Marktdatenabonnenten ab.

• Marktdatenprodukte: 47 verschiedene Analyselösungen
• Preis-Feeds in Echtzeit: Abdeckung von über 70 globalen Börsen
• Historische Marktdaten: 30+ Jahre umfassende Finanzaufzeichnungen

Globales Netzwerk von Finanzmarktexperten

Nasdaq beschäftigte im vierten Quartal 2023 5.274 Fachkräfte in 26 Ländern, mit einer durchschnittlichen Mitarbeitererfahrung von 12,6 Jahren auf den Finanzmärkten.

Professionelle Kategorie	Gesamtzahl der Mitarbeiter	Durchschnittliche Erfahrung
Technologieprofis	2,103	8,4 Jahre
Finanzanalysten	1,247	15,2 Jahre
Marktoperationen	1,924	11,3 Jahre

Starker Markenruf im Finanzdienstleistungsbereich

Die Markenbewertung von Nasdaq liegt im Jahr 2023 bei 4,6 Milliarden US-Dollar, mit einem globalen Markenbekanntheitswert von 87/100 in den Finanztechnologiesektoren.

Geistiges Eigentum und Softwaretechnologien

Nasdaq hält im Jahr 2023 423 aktive Technologiepatente mit einem Portfolio an geistigem Eigentum im Wert von 672 Millionen US-Dollar.

• Softwarepatente: 276 aktive Technologiepatente
• Patente für Handelsalgorithmen: 147 einzigartige algorithmische Innovationen
• Jährliche F&E-Investition: 324 Millionen US-Dollar

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Wertversprechen

Transparente und effiziente Markthandelsmechanismen

Nasdaq betreibt weltweit 29 Märkte und ermöglicht den täglichen Handel von 1,5 Milliarden Aktien. Das Handelsvolumen erreichte im Jahr 2022 etwa 2,1 Billionen US-Dollar. Elektronische Handelsplattformen verarbeiten über 99 % der Transaktionen mit einer durchschnittlichen Ausführungszeit von 0,0035 Sekunden.

Marktmetrik	Wert 2022
Globale Märkte	29
Tägliches Aktienhandelsvolumen	1,5 Milliarden
Jährlicher Handelswert	2,1 Billionen Dollar

Marktdaten und Einblicke in Echtzeit

Nasdaq stellt Marktdaten für über 11.000 Finanzinstitute weltweit bereit. Die Abonnementeinnahmen für Marktdatendienste erreichten im Jahr 2022 588 Millionen US-Dollar.

• Über 11.000 institutionelle Datenabonnenten
• Umsatz mit Marktdatendiensten: 588 Millionen US-Dollar
• Echtzeit-Datenabdeckung in über 50 globalen Märkten

Fortschrittliche technologische Handelslösungen

Die Markttechnologie von Nasdaq bedient über 130 Börsen und Handelsplattformen weltweit. Technologielösungen erwirtschafteten im Jahr 2022 einen Umsatz von 381 Millionen US-Dollar.

Technologiemetrik	Wert 2022
Globale Börsen bedient	130+
Umsatz mit Technologielösungen	381 Millionen US-Dollar

Umfassende Listungsdienste für börsennotierte Unternehmen

Im Jahr 2022 waren an der Nasdaq über 4.700 Unternehmen gelistet, was einer Gesamtmarktkapitalisierung von 16,5 Billionen US-Dollar entspricht. Listing-Dienste erwirtschafteten einen Umsatz von 321 Millionen US-Dollar.

• Gelistete Unternehmen: 4.700+
• Gesamtmarktkapitalisierung: 16,5 Billionen US-Dollar
• Umsatz mit Listing-Dienstleistungen: 321 Millionen US-Dollar

Risikomanagement- und Compliance-Tools

Die Überwachungstechnologie von Nasdaq überwacht täglich 70 Milliarden Marktereignisse. Marktplatztechnologie und Unternehmensdienstleistungen erwirtschafteten im Jahr 2022 761 Millionen US-Dollar.

Compliance-Metrik	Wert 2022
Tägliche Überwachung der Marktereignisse	70 Milliarden
Umsatz mit Markttechnologie	761 Millionen US-Dollar

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Kundenbeziehungen

Langfristige Unternehmenspartnerschaften

Nasdaq bedient weltweit über 4.000 börsennotierte Unternehmen. Zu den Werten einer Unternehmenspartnerschaft gehören:

Partnerschaftstyp	Anzahl der Kunden	Auswirkungen auf den Jahresumsatz
Marktlistungsdienste	3.900 Unternehmen	507 Millionen US-Dollar (2023)
Unternehmenstechnologielösungen	2.500 Unternehmenskunden	342 Millionen US-Dollar (2023)

Dedizierte Kontoverwaltung

Nasdaq bietet spezialisierte Kontoverwaltung mit:

• Über 250 engagierte Kundenbetreuer
• Durchschnittliche Kundenbindungsrate von 92 %
• Persönlicher Service für erstklassige Finanzinstitute

Digitale Self-Service-Plattformen

Zu den Kennzahlen digitaler Plattformen gehören:

Plattformfunktion	Nutzungsstatistik
Market-Intelligence-Portal	87.000 aktive Benutzer
Nasdaq Market Insights Dashboard	53.000 monatlich aktive Benutzer

Kontinuierliche technologische Unterstützung

Technologieunterstützungsfunktionen:

• Technisches Support-Team rund um die Uhr
• 95 % Lösungsrate beim ersten Kontakt
• Durchschnittliche Antwortzeit: 12 Minuten

Regelmäßige Markteinblicke und Forschungskommunikation

Kennzahlen zur Forschungskommunikation:

Kommunikationskanal	Häufigkeit	Abonnentenbasis
Marktanalyseberichte	Wöchentlich	42.000 Abonnenten
Vierteljährliche Finanzeinblicke	Vierteljährlich	35.000 Abonnenten

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Kanäle

Online-Handelsplattformen

Nasdaq betreibt die Nasdaq Market Surveillance-Plattform und bedient rund 3.900 börsennotierte Unternehmen. Die Plattform verarbeitete im Jahr 2023 täglich 2,2 Milliarden Aktien mit einem durchschnittlichen Handelswert von 226 Milliarden US-Dollar pro Tag.

Plattformmetrik	Leistung 2023
Tägliches Aktienvolumen	2,2 Milliarden Aktien
Durchschnittlicher täglicher Handelswert	226 Milliarden US-Dollar
Börsennotierte Unternehmen	3,900

Digitale Marktdatendienste

Die Marktdatendienste von Nasdaq generierten im Jahr 2023 einen Umsatz von 1,1 Milliarden US-Dollar, wobei 85 % der globalen Finanzinstitute ihre Datenprodukte nutzen.

• Marktdaten-Abonnentenbasis: 5.200 institutionelle Kunden
• Globale Marktdatenabdeckung: 70 Länder
• Echtzeit-Datenfeeds: Über 55 globale Märkte

Direktvertriebsteams

Nasdaq beschäftigt weltweit 1.750 Vertriebsprofis, die sich an Finanzinstitute, Investmentfirmen und Firmenkunden richten.

Vertriebsteam-Metrik	Daten für 2023
Totale Vertriebsprofis	1,750
Weltweite Vertriebsabdeckung	Nordamerika, Europa, Asien

Finanzkonferenzen und Branchenveranstaltungen

Im Jahr 2023 veranstaltete die Nasdaq 42 Branchenkonferenzen, an denen 8.500 Finanzfachleute und Unternehmensleiter teilnahmen.

• Gesamtzahl der Konferenzen: 42
• Teilnehmer: 8.500 Fachleute
• Veranstaltungsorte: 12 Länder

Web- und mobile Anwendungen

Die digitalen Plattformen von Nasdaq verzeichneten im Jahr 2023 monatlich 22 Millionen aktive Nutzer, wobei die Downloads mobiler Apps im Jahresvergleich um 35 % stiegen.

Digitale Plattformmetrik	Leistung 2023
Monatlich aktive Benutzer	22 Millionen
Wachstum beim Download mobiler Apps	35%
Mobile App-Plattformen	iOS, Android

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Kundensegmente

Öffentliche Unternehmen suchen nach Einträgen

Im vierten Quartal 2023 waren an der Nasdaq insgesamt 3.327 Unternehmen mit einer Gesamtmarktkapitalisierung von 16,7 Billionen US-Dollar gelistet.

Eintragskategorie	Anzahl der Unternehmen	Gesamtmarktkapitalisierung
Technologieunternehmen	1,214	7,3 Billionen Dollar
Finanzdienstleistungen	612	3,2 Billionen Dollar
Gesundheitswesen	541	2,9 Billionen Dollar

Institutionelle Anleger

Nasdaq bedient rund 5.400 institutionelle Investmentfirmen weltweit.

• Vermögensverwaltungsfirmen: 2.100
• Pensionskassen: 870
• Hedgefonds: 1.230
• Versicherungsunternehmen: 680

Privatanleger

Die Plattform von Nasdaq unterstützt im Jahr 2024 über 130 Millionen Privatanlegerkonten.

Altersgruppe der Anleger	Prozentsatz
18-34 Jahre	38%
35-54 Jahre	42%
55+ Jahre	20%

Finanztechnologieunternehmen

Nasdaq unterstützt 1.287 Fintech-Unternehmen in seiner gesamten Marktinfrastruktur.

• Handelsplattformanbieter: 423
• Datenanalyseunternehmen: 356
• Kryptowährungsplattformen: 218
• Algorithmische Handelsunternehmen: 290

Globale Investmentbanken

Nasdaq bedient im Jahr 2024 672 globale Investmentbanking-Institute.

Region	Anzahl der Investmentbanken
Nordamerika	278
Europa	197
Asien-Pazifik	142
Rest der Welt	55

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Technologieinfrastrukturkosten für Nasdaq im Jahr 2023: 428,7 Millionen US-Dollar

Kategorie „Infrastruktur“.	Jährliche Kosten
Rechenzentrumsbetrieb	189,3 Millionen US-Dollar
Cloud-Computing-Dienste	112,5 Millionen US-Dollar
Netzwerksicherheitssysteme	76,9 Millionen US-Dollar
Hardwarewartung	50 Millionen Dollar

Forschungs- und Entwicklungsinvestitionen

Gesamtausgaben für Forschung und Entwicklung für 2023: 203,4 Millionen US-Dollar

• Markttechnologie-F&E: 98,6 Millionen US-Dollar
• Innovation der Handelsplattform: 64,2 Millionen US-Dollar
• Cybersicherheitsforschung: 40,6 Millionen US-Dollar

Mitarbeitervergütung

Gesamtpersonalaufwand für 2023: 612,8 Millionen US-Dollar

Vergütungskategorie	Betrag
Grundgehälter	387,5 Millionen US-Dollar
Leistungsprämien	145,3 Millionen US-Dollar
Aktienbasierte Vergütung	80 Millionen Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtkosten für die Einhaltung im Jahr 2023: 176,2 Millionen US-Dollar

• Rechtliche und behördliche Berichterstattung: 82,7 Millionen US-Dollar
• Compliance-Technologie: 53,5 Millionen US-Dollar
• Externe Prüfung und Beratung: 40 Millionen US-Dollar

Marketing- und Vertriebsaktivitäten

Gesamtausgaben für Marketing und Vertrieb für 2023: 145,6 Millionen US-Dollar

Marketingkanal	Ausgaben
Digitales Marketing	47,3 Millionen US-Dollar
Sponsoring von Branchenkonferenzen	38,7 Millionen US-Dollar
Betrieb des Vertriebsteams	59,6 Millionen US-Dollar

Nasdaq, Inc. (NDAQ) – Geschäftsmodell: Einnahmequellen

Gebühren für Marktdaten-Abonnements

Im Jahr 2023 erwirtschaftete das Market Services-Segment der Nasdaq einen Umsatz von 1,05 Milliarden US-Dollar mit Marktdatenabonnements und -diensten.

Marktdaten-Umsatzkategorie	Jahresumsatz (2023)
Professionelle Marktdaten-Abonnements	612 Millionen Dollar
Unternehmensdatenlösungen	438 Millionen US-Dollar

Gebühren für Handelstransaktionen

Handelstransaktionsgebühren generierten für Nasdaq im Jahr 2023 einen Umsatz von 785 Millionen US-Dollar.

• Gebühren für Aktienhandelstransaktionen: 456 Millionen US-Dollar
• Gebühren für den Derivatehandel: 329 Millionen US-Dollar

Einnahmen aus Listungsdienstleistungen

Listing-Dienste generierten im Jahr 2023 einen Jahresumsatz von 302 Millionen US-Dollar für Nasdaq.

Auflistungsdiensttyp	Jahresumsatz
Gebühren für die Erstnotierung	124 Millionen Dollar
Jährliche Gebühren für die Eintragspflege	178 Millionen Dollar

Technologielizenzierung

Die Einnahmen aus Technologielizenzen beliefen sich im Jahr 2023 auf insgesamt 267 Millionen US-Dollar.

• Market Technology Solutions: 186 Millionen US-Dollar
• Lizenzierung der Handelsplattform: 81 Millionen US-Dollar

Unternehmensberatungsdienste

Unternehmensberatungsdienstleistungen generierten im Jahr 2023 einen Umsatz von 198 Millionen US-Dollar für Nasdaq.

Kategorie „Beratungsdienstleistung“.	Jahresumsatz
Fusion & Akquisitionsberatung	112 Millionen Dollar
Corporate-Governance-Dienstleistungen	86 Millionen Dollar

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Value Propositions

You're looking at the core value Nasdaq, Inc. (NDAQ) delivers across the financial ecosystem, moving well beyond just the exchange floor. The numbers from the third quarter of 2025 show this strategy is working, with Solutions revenue hitting $1.0 billion for the quarter, up 15% year-over-year.

Providing mission-critical risk management and regulatory compliance software is a key pillar. This is where the technology backbone supports trust. For instance, the Agentic Enhanced Due Diligence (EDD) Analyst, currently in beta, slashed review times for high-risk customers from three to eight hours down to just 30-60 minutes for participating institutions.

Offering a trusted, liquid venue for capital access and listings remains central. As of February 2025, the Nasdaq Stock Market hosted 3,890 total listings. The commitment to being a primary listing venue for innovators is clear, even as the technology side scales up.

Delivering high-quality, transparent market data and index products drives predictable income. Index revenue specifically grew 13% year-over-year in Q3 2025, reaching $206 million. That quarter alone saw $17 billion in net inflows into their indices.

Accelerating client modernization with cloud-based trading technology is a major focus. Nasdaq has been migrating its platforms, and the move of Nasdaq MRX to Amazon Web Services (AWS) previously showed a 10% improvement in latency performance. The company's Annual Recurring Revenue (ARR) reached $3.0 billion in Q3 2025, with Annualized SaaS revenue representing 37% of that ARR in Q2 2025, showing a clear shift to subscription-based delivery.

Enhancing market integrity with Anti-Financial Crime AI solutions is a growing area of value. The 2025 Nasdaq Global Compliance Survey indicated that 36% of financial firms are already using Artificial Intelligence in compliance, and a significant 70% of those surveyed plan to invest more in AI compliance tools over the next 12 months. This signals strong client demand for these embedded capabilities.

Here's a quick look at how the Solutions segment, which houses much of this technology and data value, performed in the latest reported quarter, so you can see the scale:

Metric	Q3 2025 Value	Year-over-Year Change
Total Solutions Revenue	$1.0 billion	15% increase
Index Revenue	$206 million	13% growth
Financial Technology Revenue	$457 million (Q3 2025 reported)	23% growth (Reported)
Annualized Recurring Revenue (ARR)	$3.0 billion	10% increase

The technology offerings are broad, supporting more than just trading venues. For example, Nasdaq's marketplace technology solutions are used by over 135 market infrastructure providers globally for multi-asset trading, clearing, and surveillance.

The value proposition is also supported by internal efficiency metrics that translate to better client service:

• Compliance teams using Nasdaq Verafin's AI saw investigator efficiency improve with up to 90% reduction in alert review time.
• The company repaid $400 million of senior unsecured notes in Q2 2025, showing operational strength.
• Non-GAAP diluted Earnings Per Share (EPS) for Q3 2025 grew 19% year-over-year to $0.88.
• As of September 30, 2025, $1.4 billion remained authorized for share repurchases.
• For the trailing twelve months ending September 30, 2025, Total TTM Revenue was $8.170 billion, a 16.46% increase year-over-year.

The firm is defintely focused on embedding its tech across the entire lifecycle. Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Customer Relationships

You're looking at how Nasdaq, Inc. keeps its most important clients close, which is key since their growth is increasingly tied to technology subscriptions rather than just trading fees. The relationships are layered, moving from the largest global financial institutions down to the individual companies that choose to list on their markets.

Strategic, high-touch relationships with Tier 1 global banks (One Nasdaq)

The One Nasdaq go-to-market strategy is all about deepening partnerships across the financial system. This high-touch approach targets major financial players where integrated solutions are critical. For instance, in the first quarter of 2025, Nasdaq Verafin's Financial Crime Management Technology revenue grew 21%, showing momentum with enterprise clients, including a cross-sell to a Tier 2 AxiomSL client and a deal with a large Tier 1 U.S. financial institution in that same quarter.

The data consortium managed by Nasdaq Verafin is a strong example of this deep relationship, now including clients holding more than $10 trillion in total assets.

Dedicated relationship managers for listed companies

For companies choosing to list, the relationship starts with winning the listing and continues through ongoing services. Nasdaq maintained its market leadership in the U.S. listings market in the first half of 2025, recording an 86% win-rate for eligible listings, extending this leadership to 46 consecutive quarters. In that same period, Nasdaq welcomed 142 listings, which raised a total of $19.2 billion.

The sheer volume of clients served by the technology segments also implies a broad base requiring dedicated support:

Metric	Value (Q3 2025 or Latest)	Context
Total Solutions Revenue (Q3 2025)	$1.0 billion	Represents revenue from Data, Analytics, and Software solutions.
Total Solutions Revenue Growth (YoY Q3 2025)	15%	Reflects strong client adoption of integrated offerings.
Total Companies Listed (Feb 2025)	3,890	The total number of securities listed on the Nasdaq Stock Market.

Subscription-based models for Financial Technology and Data

The recurring revenue base is a core component of Nasdaq's customer relationship value, as it provides predictable cash flow. Annualized Recurring Revenue (ARR) is a key metric here. By the third quarter of 2025, ARR reached $3.0 billion, a 10% increase over the third quarter of 2024.

The subscription model is heavily weighted toward technology:

• Annualized SaaS revenue represented 38% of total ARR in Q3 2025.
• Annualized SaaS revenue increased 12% in Q3 2025.
• Financial Technology ARR grew 12% (reported and organic) in Q3 2025.

For the Index business, which is also subscription-driven, net inflows over the trailing twelve months ending Q3 2025 reached $91 billion, with $17 billion in the third quarter of 2025 alone.

Deep regulatory engagement (e.g., SEC filing for tokenization)

Nasdaq actively engages with regulators to shape future market infrastructure, which directly impacts its technology clients. The company is pursuing initiatives like tokenization, with partnerships mentioned that aim to standardize post-trade operations and enable blockchain-based settlements, involving filings or discussions with the SEC. Furthermore, Nasdaq is planning to expand U.S. market access to 24/5 trading during the second half of 2026, a major infrastructure change requiring deep regulatory alignment.

Proactive cross-selling of integrated solutions post-Adenza

The acquisition of Adenza was heavily predicated on unlocking cross-sell opportunities between the legacy Nasdaq technology stack and the newly acquired risk and regulatory software. The company announced a target of over $100 million in incremental cross-sell revenue across the Financial Technology division by year-end 2027. As of a late 2025 update, the execution was ahead of that pace, with the company already tracking $150 million in cross-sells by the quarter preceding the end of the program timeline. The cross-sell pipeline has been consistently maintained around the 15% mark.

Client acquisition and expansion within the Financial Technology segment in the first three quarters of 2025 included 65 new clients and 97 upsells, demonstrating success in expanding relationships beyond initial product sales.

Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Channels

You're looking at how Nasdaq, Inc. gets its services and data into the hands of its customers as of late 2025. It's a mix of direct engagement, platform operation, and licensing agreements, all generating significant, measurable revenue.

The core channels for Nasdaq, Inc. are multifaceted, spanning direct client interaction for its technology solutions and the operation of its primary market venues. The Solutions business, which bundles Financial Technology and Index revenue, hit $1.0 billion in net revenue for the third quarter of 2025 alone. This recurring revenue stream is key, with Annualized Recurring Revenue (ARR) reaching $3.0 billion as of Q3 2025.

Here's a breakdown of the financial scale tied to these primary distribution channels for the third quarter of 2025:

Channel Component	Associated Financial Metric	Amount (Q3 2025)
Direct Sales (Financial Technology)	Revenue	$457 million
Direct Sales (Financial Technology)	Annualized Recurring Revenue (ARR) Growth	12%
Global Exchanges (Market Services)	Net Revenue	$303 million
Index Licensing (Index Revenue)	Revenue	$206 million
Index Licensing (Index Revenue)	Year-over-Year Growth	13%
Digital Platforms (SaaS Component of ARR)	Percentage of Total ARR	38%

The direct sales teams are the engine for the Financial Technology segment, which saw its revenue jump 23.2% year-over-year in Q3 2025. This channel delivers software for regulatory compliance and anti-financial crime, with Annualized SaaS revenue growing 12%.

The Nasdaq Stock Market and its global exchange operations are a critical channel, evidenced by the Market Services net revenue of $303 million in Q3 2025, up 14% versus the prior year period. This channel is supported by the sheer scale of its listings:

• The Nasdaq Stock Market had 4,139 listed companies as of the first quarter of 2025.
• Exchanges comprising Nasdaq Nordic and Nasdaq Baltic had 1,160 listed companies in Q1 2025.
• The Nasdaq Stock Market added 170 new operating company listings in Q1 2025.

Index licensing agreements are a major distribution route for Nasdaq's intellectual property, primarily through Exchange Traded Products (ETPs). The growth here is substantial:

• Net inflows for ETPs tracking Nasdaq indexes over the trailing twelve months (TTM) reached $91 billion as of Q3 2025.
• Net inflows for Q3 2025 alone were $17 billion.
• Exchange Traded Product Assets Under Management (AUM) tracking Nasdaq indexes hit a record $745 billion at the end of Q2 2025.

For cloud deployment, you see the strategic partnerships supporting the technology delivery. Nasdaq and Amazon Web Services (AWS) signed an enhanced agreement to amplify their [technology efforts] in 2025. This supports the delivery of solutions that are increasingly cloud-ready, as noted by the focus on infrastructure modernization.

Digital platforms for market data and analytics are embedded within the Solutions segment, contributing to the $3.0 billion in ARR. The shift to recurring revenue models, with SaaS revenue at 38% of ARR, shows the importance of these digital distribution methods. Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Customer Segments

You're looking at the core client base for Nasdaq, Inc. (NDAQ) as of late 2025. It's a diverse group, spanning from companies wanting to go public to the institutions that power global trading infrastructure. Honestly, the numbers show a clear focus on recurring revenue streams from technology and data licensing.

Here's a breakdown of the key customer groups and the metrics we can tie directly to them from the latest reports.

Customer Segment	Associated Metric/Data Point (as of late 2025)	Specific Value/Amount
Corporate clients seeking public listings	Number of total listings	3,890 (February 2025)
Corporate clients seeking public listings	IPOs in the first half of 2025	142 listings, raising $19.2 billion
Global banks, brokers, and investment managers	Financial Technology (FinTech) Net Revenue (Q3 2025)	$457 million
Global banks, brokers, and investment managers	Annualized Recurring Revenue (ARR) (Q3 2025)	$3.0 billion
Exchange operators, central banks, and regulatory authorities	Marketplaces powered by Nasdaq technology	More than 90 marketplaces in 50 countries
Asset managers and passive investment vehicles (ETFs)	Index Net Revenue (Q3 2025)	$206 million
Asset managers and passive investment vehicles (ETFs)	Index Net Inflows (Trailing Twelve Months)	$91 billion
FinTech and data vendors licensing market information	Financial Technology ARR Growth (Q3 2025 vs Q3 2024)	12% (Reported)

You can see the technology component is massive. The Financial Technology revenue stream is clearly a major focus for Nasdaq, Inc.

For the corporate clients, the pipeline activity is also telling. In the first half of 2025, Nasdaq had an 86% win-rate for Nasdaq-eligible listings in the U.S. market, extending leadership to 46 consecutive quarters.

The client base for the technology division includes specific types of users:

• Technology sold to other exchanges.
• Risk management technology.
• Anti-financial crime solutions.
• Regulatory reporting tools.

The overall scale of the data business is reflected in the Index segment performance. For instance, the Index segment saw $17 billion in net inflows during the third quarter of 2025 alone.

Also, note the growth in the technology adoption by other market infrastructure players. In a prior quarter, Nasdaq signed 67 new technology clients and secured almost 100 upsells. That kind of traction shows where the institutional demand is focused.

Finance: draft 13-week cash view by Friday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Cost Structure

You're looking at the expense side of Nasdaq, Inc.'s operations as of late 2025, which is heavily weighted toward technology and specialized human capital. The cost structure reflects a business that is both a regulated market operator and a global technology provider, so the numbers are substantial.

The overall spending level is captured by the company's updated non-GAAP operating expense guidance for 2025, which was revised in July 2025 to a range of $2,295 million to $2,335 million. This reflects ongoing investment, though it is higher than the range initiated in January 2025 of $2,245 million to $2,325 million. For context on the run rate, second quarter 2025 non-GAAP operating expenses were $585 million, while GAAP operating expenses for that same quarter were $738 million.

Significant compensation and benefits for specialized staff form a major component. Nasdaq, Inc. structures its employee remuneration with a mix of fixed and variable pay to attract and retain talent. The three main components are annual base salary, annual performance-based cash incentive awards, and long-term incentives, like equity awards. The median total compensation reported for an employee at Nasdaq, Inc. is $101,927 per year, with high-skill roles like Software Engineering Manager reporting a median of $232,000. For governance costs, Non-Employee Directors receive an annual retainer valued at $260,000 in equity, though they can elect cash. The Chairman of the Board receives a total retainer value of $240,000.

The commitment to technology is evident in the high investment in technology, R&D, and cloud infrastructure, which drives organic expense growth. This investment is a key driver for the business, supporting the Financial Technology segment's growth. The company is also focused on realizing efficiencies from its major acquisition, with an expanded net expense efficiency program targeting $140 million, of which approximately $130 million was actioned as of the end of the second quarter of 2025. The initial Adenza integration targeted $80 million in net expense synergies, with about 70% actioned by the end of 2024.

Costs related to debt repayment and integration of Adenza are significant, reflecting the balance sheet management post-acquisition. Nasdaq, Inc. is aggressively managing leverage; it repaid $400 million of senior unsecured notes in the second quarter of 2025 alone. This follows an early repayment of $600 million of the term loan and a $257 million net purchase price for repurchasing senior unsecured notes in the first quarter of 2025. The goal is to have debt to EBITDA around 3.5x and Funds From Operations (FFO) to debt between 20%-23% by the end of 2025. Integration costs are typically captured within non-GAAP adjustments.

Data acquisition and intellectual property licensing costs are embedded in the operational expenses, particularly for the Market Services division. While total licensing costs aren't explicitly stated as a single figure, the pricing structure for market data feeds shows the scale of these recurring costs. For instance, the Nasdaq Depth Non-Display data feed for 250 or more subscribers costs $75,000.00 per firm monthly as of January 1, 2025. Furthermore, listing fees, a direct cost to Nasdaq, Inc.'s listed companies but indicative of the cost of maintaining the exchange infrastructure, were raised effective January 1, 2025, with annual fees for Global and Global Select Markets ranging from $56,000 - $193,000 based on shares outstanding.

Here's a quick look at some of the key expense and debt-related figures for 2025:

Cost Category / Metric	Financial Figure (2025)	Reference Period/Context
Non-GAAP Operating Expense Guidance (Midpoint)	$2,315 million	Updated as of July 2025
Non-GAAP Operating Expenses	$585 million	Second Quarter 2025
GAAP Operating Expenses	$738 million	Second Quarter 2025
Senior Unsecured Notes Repaid	$400 million	Second Quarter 2025
Targeted Net Expense Synergies (Adenza)	$140 million	Total Program Size
Actioned Efficiency Program Costs	$130 million	As of Q2 2025
Forecasted Debt to EBITDA	3.5x	End of 2025 Forecast
Forecasted FFO to Debt	20%-23%	End of 2025 Forecast

The compensation structure for specialized staff involves significant equity grants, with vesting schedules often spread over four years, including 25.00% annually for the first year. The costs associated with data distribution are tiered; for example, the Nasdaq Basic-Enterprise License fee is $155,000 for unlimited internal Professional usage.

• Non-Employee Director Annual Retainer (Equity Value): $260,000 per annum.
• Lead Independent Director Additional Retainer: $75,000.
• Chairperson of the Management Compensation Committee Annual Chair Fee: $45,000.
• Non-Chair Member Audit Committee Annual Fee: $20,000.
• Non-Professional Subscriber Fee for Nasdaq Issues (Data): $0.50 each, effective January 1, 2025.

Finance: review the Q3 2025 non-GAAP expense forecast against the current guidance range by next Tuesday.

Nasdaq, Inc. (NDAQ) - Canvas Business Model: Revenue Streams

You're looking at the money coming in for Nasdaq, Inc. as of late 2025, and the story is clearly shifting toward technology. The big news from Q3 2025 is that Solutions revenue officially surpassed the $1.0 billion mark for the quarter, showing a solid 15% year-over-year growth. Also, that focus on software subscriptions paid off, with Annual Recurring Revenue (ARR) hitting $3.0 billion for the first time. That ARR figure is key; it tells you how much of their business is locked in and predictable, which investors definitely like to see.

Here's a quick look at the major revenue components reported for the third quarter of 2025, in millions of U.S. dollars:

Revenue Stream Component	Q3 2025 Amount (US$ millions)	Year-over-Year Growth (%)
Solutions Revenue	$1,003	15%
Market Services Net Revenue (Trading & Clearing Fees)	$303	14%
Index Revenue	$206	13%

The Index licensing revenue for the third quarter of 2025 was reported at $206 million, which included $17 billion in net inflows during that quarter alone. Then you have the core market operations; Trading and clearing fees from Market Services brought in $303 million for the same period, up 14% from the prior year. It's defintely clear that both the tech and market services sides are pulling their weight.

For corporate clients, the revenue stream from listing fees is governed by the all-inclusive annual fee structure that took effect on January 1, 2025. This structure means companies pay one fee to cover most ordinary listing costs, eliminating many transactional fees. The annual fee ranges depend on the market tier:

• Nasdaq Global Select and Global Markets (non-ADR issuers): $56,000 to $193,000.
• Nasdaq Capital Market (non-ADR issuers): $53,000 to $86,000.
• Annual fee for a SPAC on any tier: $85,000 (this was raised from $81,000).

The growth in the Solutions segment is being powered by specific areas within that division. You can see the strength in the recurring software subscriptions:

• Financial Technology ARR growth was 12% reported.
• Capital Access Platforms ARR growth was 7%.
• Annualized SaaS revenue increased by 12%.
• Annualized SaaS revenue represented 38% of the total $3.0 billion ARR.

Finance: draft 13-week cash view by Friday.